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As per RBI Circular – AP (DIR) Circular No 74 of 26 May 2016, RBI decided to discontinue with immediate effect issuance of #FIRC for any export related payment. Therefore in regards to all export related remittances settled after June 20, 2016, banks will not issue a physical FIRC. It has also been decided that FIRC may be issued for inward remittance covering #FDI / FII. In all other cases, there is no provision for issuing FIRCs because of Export Data Processing and Monitoring System (EDPMS).
EDPMS is a comprehensive IT-based system which facilitates banks to report returns like XOS (export outstanding statements), ENC (Export Bills Negotiated / sent for collection) for acknowledgement of receipt of Export documents, Sch. 3 to 6 (realisation of export proceeds), #EBW (write-off of export bills), ETX (extension of realisation of export bills) relating to export transaction under FEMA to RBI. Book a tele-appointment with Ozg Lawyers to discuss your FEMA matters or write an email to: firstname.lastname@example.org
In EDPMS system, the primary data on exports transactions including offsite software exports from all the sources viz. #Customs / SEZ / #STPI will flow to RBI secured server and then the same will be shared with the respective banks for follow up with the exporters.
Subsequently, the document submission and realisation data will be reported back by the AD banks to RBI through the same secured RBI server so as to update the RBI database on real time basis to facilitate quicker follow up / data generation. The AD banks are required to download and upload the data on daily basis.
Additionally from June 20, 2016, modules for caution listing of exporters, reporting of advance remittance for exports has been added to #EDPMS. All AD Category – I banks have to report all the inward remittances including advance as well as old outstanding inward remittances received for export of goods / software to EDPMS. Further, AD Category – I banks need to report the electronic FIRC (e-FIRC) to EDPMS wherever such #FIRCs are issued against inward #remittances.
An e-FIRC is issued in EDPMS after the #InwardRemittance (IRM) has been uploaded into EDPMS. IRM will be uploaded by the bank where the funds have been credited into a customer’s account. An #eFIRC facilitates adjustment of export documents handled by the bank (A) against the IRM reported by bank (B). Contact to #OzgSupport Team for return filing issues at RBI-FIRMS portal.
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